CHICAGO | Da Bears | New Domed Lakefront Stadium Proposal

[ardecila]

It's a poker game and the Bears just raised.

I guess they are hoping that the closing will scare leaders enough to start seriously discussing a subsidy deal.

[WestTowner]

Originally Posted by CaptainJilliams

If that is the case, how is the move to AH even feasible now?

I'm straight up guessing, but the only way this all makes sense is if the McCaskey's are planning to sell once Virginia dies. She is 100. Having the land will allow someone with access to capital to build the stadium.

[Rizzo]

I think the land will always be valuable whether or not there’s a stadium. I’m sort of in agreement this may be a plan for an attractive framework for a future buyer. Going back to my earlier posts, I was doubtful the team would move unless they had a serious amount of cash on hand. I guess it’s pursuable options. Neither of them seem that great. There will be some negotiation finesse to achieve the highest level of outside public and private financing. At least if AH doesn’t work out, there’s a preview of what Chicago would offer

[aaron38]

I don't approve of publicly financed stadiums in general, so I don't really understand the debate. If the Bears aren't happy at Soldier Field, I don't want the government paying for renovations (I hate the current design BTW) and I don't want the government paying for an AH stadium.
I don't want Illinois paying the Bears to stay. I don't want Illinois paying them to move.

How about Illinois payoff this first?

But as the press and public focused on the aesthetics of the stadium, which would become the smallest in the National Football League, few examined the fine print of the deal itself: a $587 million plan where the Bears and the NFL each chipped in $100 million, with the remaining $387 million to be financed by public bonds, backed by a hotel/motel tax levied in the city of Chicago.

Documents obtained by NBC 5 Investigates show the actual bond issue by the Illinois Sports Facilities Authority came to $398 million. But today, more than 20 years after that money was borrowed, the ISFA still owes over $383 million in principal, and more than $256 million in interest.

That’s a total of over $640 million, $63 million more than was originally borrowed, even after making payments for more than 20 years.

https://www.nbcchicago.com/investiga...ation/2981068/

Where did all that sweet hotel/motel tax money go to? Not paying off the loan apparently.

[Toasty Joe]

Originally Posted by The Pimp

What about the revenue that the Bears bring in ever year??? Winning championship has nothing to do with revenue. Just look at the Miami Marlins? 2 World Series Championships and NO REVENUE!

Yeah but we need to factor in what the facility might bring without the constraints of ~7 Bears home games. At least 2 Fire games were moved to Bridgeview this fall because they can't host at Soldier Field within 5 days of Bears games. The additional flexibility to host more concerts, CFP games, and other events would certainly help fill the gap.

[BrinChi]

Originally Posted by aaron38

How about Illinois payoff this first?

https://www.nbcchicago.com/investiga...ation/2981068/

Where did all that sweet hotel/motel tax money go to? Not paying off the loan apparently.

Yes learning about this outstanding loan is infuriating. Someone should dive into the details of why this loan hasn't been paid down. But it's all the confirmation we need to see why public funds should not be offered for an additional renovation.

[HomrQT]

So, any possibility greater than 0% that Soldier Field gets dozed and a new set of supertall skyscrapers get put there in it's place?

Originally Posted by The Pimp

Just look at the Miami Marlins? 2 World Series Championships and NO REVENUE!

If a team ever needed a rebranding / name change, that's one right there.

[twister244]

Originally Posted by HomrQT

So, any possibility greater than 0% that Soldier Field gets dozed and a new set of supertall skyscrapers get put there in it's place?

First of all - No.

Secondly, even if the someone wanted to, Friends of the Park would kill it.

If they can kill a Lucas Museum from replacing a parking lot, they can kill anyone bulldozing Soldier Field....

[marothisu]

Originally Posted by twister244

First of all - No.

Secondly, even if the someone wanted to, Friends of the Park would kill it.

If they can kill a Lucas Museum from replacing a parking lot, they can kill anyone bulldozing Soldier Field....

If Friends of the Park(ing Lots) could get free park land in place of Soldier Field, they'd probably be all for it. But yeah, 0 chance Soldier Field goes away and zero chance it would be anything other than park land if it somehow happened.

[mrnyc]

good video to catch up on the saga of the bears and soldier field:


https://youtu.be/CwMaGnEMq0I

[woodrow]

The move was done the day they announced. All the hand wringing is funny. ANY mayor of Chicago would have lost them because of where Soldier Field is located. There is no chance of creating a revenue generating fiefdom around the stadium, which is the current stadium model. Look at Wrigley Field. The Ricketts have created a year-round revenue stream. Ball games, concerts, Winter Wonderland. They own buildings around the stadium containing a hotel, 10 restaurants/bars and 3 stores. Now they have a sports betting facility right next to the stadium. It's not 24-7, but easily 12-7 all year round. No way Soldier Field is going to be able to do that.

[Rizzo]

^ “current stadium model” …of MLB, NBA/NHL stadiums with far more games and better sight lines for concerts. The limited development around NFL stadiums isn’t ancillary, instead a weak accessory to get a little more revenue from fans before and after games. By no means a consistent revenue stream of year round entertainment.

[woodrow]

^^definitely true, not 100% comparable. But remember they have even more land to develop which will let them create a bigger town center type development. That was a concern of a couple of the AH council people. Also, their sports betting facility will be the only one on the Northwest side of the metro and will be very accessible. And it will all belong to them...and their bankers.

[mrnyc]

^ that traditional nfl stadium dynamic changes with a roof though.

[Rizzo]

again…no. The teams don’t own or control the sportsbook. That’s not allowed. It’s a sponsorship such as what the cubs have with draft kings. It exists as an additional amenity so the teams will collect rent and maybe whatever concessions agreement they have. I do agree that it could be a regional attraction (for the casino’s earnings) and the bears have a partnership with Rivers Casino.

[moorhosj1]

Originally Posted by woodrow

Also, their sports betting facility will be the only one on the Northwest side of the metro and will be very accessible. And it will all belong to them...and their bankers.

Rivers Casino in Des Plaines is accessible by Metra, CTA, and multiple highways.

[brian_b]

Originally Posted by Toasty Joe

Yeah but we need to factor in what the facility might bring without the constraints of ~7 Bears home games. At least 2 Fire games were moved to Bridgeview this fall because they can't host at Soldier Field within 5 days of Bears games. The additional flexibility to host more concerts, CFP games, and other events would certainly help fill the gap.

If the city pulls some garbage to keep the Bears, they had better not screw over the Fire.

The Bears do everything in the suburbs but play their games. And they always will. Mansueto lives in the city, runs his business in the city, moved his team into the city, is trying to build his training facility in the city, etc.

Soccer continues to grow in popularity, football has plateaued and will eventually start declining. And just two days ago, ESPN published a fawning piece about how the Fire have created a talent development model for the rest of the MLS to follow.

[twister244]

Originally Posted by brian_b

Soccer continues to grow in popularity, football has plateaued and will eventually start declining. And just two days ago, ESPN published a fawning piece about how the Fire have created a talent development model for the rest of the MLS to follow.

I would love to see it continue to grow.... Watching world cup games last fall across multiple countries was so cool as it made me really appreciate how international the sport is. If Chicago can tap into that with Soldier Field, all the more reason to give the Bears the middle finger on this.

[bhawk66]

Originally Posted by brian_b

If the city pulls some garbage to keep the Bears, they had better not screw over the Fire.

The Bears do everything in the suburbs but play their games. And they always will. Mansueto lives in the city, runs his business in the city, moved his team into the city, is trying to build his training facility in the city, etc.

Soccer continues to grow in popularity, football has plateaued and will eventually start declining. And just two days ago, ESPN published a fawning piece about how the Fire have created a talent development model for the rest of the MLS to follow.

The Fire still has its work cut out in these parts. Of the 28 MLS teams Chicago had the biggest operating profit losses of them all at nearly 18 million last year.

https://www.chartr.co/stories/2023-0...rowing-quickly

[Kngkyle]

Originally Posted by bhawk66

The Fire still has its work cut out in these parts. Of the 28 MLS teams Chicago had the biggest operating profit losses of them all at nearly 18 million last year.

https://www.chartr.co/stories/2023-0...rowing-quickly

Considering the on-field performance of the team has been pretty abysmal for the last decade this isn't too surprising. They did sell two players last year for $40M so when factoring that in they're probably in the green for 2022.